On Economia: When is a company not a company?

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Economia is the official publication of the Institute of Chartered Accountants in England and Wales. My February column for them is out now under the title 'When is company not a company?'

The specific issue I address is corporate members of limited liability partnerships, but I look somewhat beyond that and ask why and when should it be possible to use a company to shelter that would be taxable at a higher rate if earned directly by an individual?